CHICAGO, June 4, 2021 /PRNewswire/ -- According to the new market research report on "Ceramic Matrix Composites Market by Matrix Type (C/C, C/Sic, Oxide/Oxide, Sic/Sic), Fiber Type (Continuous, Woven), End-Use Industry (Aerospace & Defense, Automotive, Energy & Power, Industrial), and Region - Global Forecast to 2031", published by MarketsandMarkets, the Ceramic Matrix Composites Market size is expected to grow from USD 8.8 billion in 2021 to USD 25.0 billion by 2031, at a CAGR of 11.0% during the forecast period.
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The market is witnessing significant growth because of the growing demand from various end-use industries such as aerospace & defense, automotive, and industrial. Ceramic matrix composites have properties such as high strength at elevated temperature, corrosion resistance, durability, mechanical strength, and high-temperature stability.
Aerospace &defense industry accounted for the largest share, in terms of value, of the overall ceramic matrix composites market in 2020.
The aerospace &defense end-use industry demands ceramic matrix composites in various aero-engine components, missile components, and space structures, among others. These composites are mainly used for their superior properties such as high damage tolerance, fracture toughness, wear & corrosion resistance at high temperature. The lightweight and high temperature resisting properties of ceramic matrix composites help manufacturers in increasing the overall efficiency of aircraft by reducing fuel consumption and in lowering emissions.
SiC/SiC ceramic matrix composite is the fastest-growing segment in the overall market.
Ceramic matrix composites are available in four matrix types, namely, C/C, C/SiC, oxide/oxide, and SiC/SiC.SiC/SiC matrix composites are expected to register the highest CAGR during the forecast period as these composites are used in high-temperature applications, such as engine components and heat exchangers, as an alternative to metallic alloys. The other applications of SiC/SiC ceramic matrix composites include combustion and turbine section components of aero-propulsion and land-based gas turbine engines, thermal protection systems, thruster nozzles, reusable rocket nozzles, and turbopump components for space vehicles.
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North America is expected to be the largest market for ceramic matrix composites during the forecast period.
North America is one of the leading ceramic matrix composites markets. The growing demand from end-use industries such as aerospace &defense, automotive, and energy & power is driving the ceramic matrix composites market in the region. The region has a presence of major ceramic matrix composites manufacturers who focus on the adoption of various business strategies to increase the production of ceramic matrix composites and meet the growing demand from end users.
General Electric Company (US), Rolls-Royce (UK), Axiom Materials, Inc. (US), SGL Carbon (Germany), United Technologies (US), CoorsTek Inc. (US), COI Ceramics Inc. (US), Lancer Systems (US), Applied Thin Films Inc. (US), Ultramet (US), and Fiber Materials Inc. (US) are some of the key players in the ceramic matrix composites market. These players have taken different organic and inorganic developmental strategies over the past few years.
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